- Binance’s long-term goal is to be available in all 50 states in the United States.
- In May, Idaho senators approved the Digital Assets Act
Today, Binance.US the world’s largest crypto exchange by trading volume, has gained an operating license in Idaho, increasing its reach in the US to 46 states.
Binance.US is an arm of US crypto exchanges and it found the victory after three years in Idaho. Now the Idaho investors can buy, sell and trade cryptocurrencies via Binance.
Idaho License Regulations
Idaho’s Ministry of Finance is required to evaluate some of its regulations in order for the trade to be licensed. US states have different licensing procedures which made Binance.US to taken so long.
In May, Idaho senators approved the Digital Assets Act which recognizes cryptocurrencies as personal property and imposes regulations and rights around their purchase and ownership and the Act gives ministries increased authority to manage and regulate those entities.
In Idaho, a money transmission license law required that, any crypto exchange should accept fiat dollars in exchange for digital assets and the applicants must submit two years of financial statements which indicate a minimum net worth of $50,000, and post a $10,000 legal contract with the Idaho Department of Finance, among other requirements.
Jennifer Biretz works for the Idaho Department of Finance’s Securities Bureau as a program manager for money-service companies said,
All money transmitters are actually holding property, usually for third parties or future remittances, and we want to know about their financial experience and how they intend to operate as far as their business is concerned.
Binance has to face many regulations to make the platform available across the country, it will be a challenge due to the different regulatory requirements. Still many governments are allowing the exchange’s operation inside their authority, so Binance is already getting the benefit.